Industry fears getting stuck in euro limbo

Uncertainty over a final date is the biggest problem for UK plc, write David Smith and Andrew Porter

MINISTERS are this weekend digesting the Treasury’s 250- page assessment of Britain’s readiness for the euro. On Thursday the cabinet will have a final discussion on the assessment before Gordon Brown’s House of Commons announcement on June 9.

The verdict is not in doubt. A week tomorrow the chancellor will tell the country why he believes Britain is not yet ready to join the single currency.

But anybody expecting that to shut down the debate will be mistaken. The following day Tony Blair and those in No 10 who still believe it is “Britain’s destiny” to join the eurozone, will sanction a campaign to persuade business that the euro is a worthwhile cause.

Business figures in favour of joining are after one thing from Brown’s announcement next week: a degree of certainty about how Britain will push ahead and achieve convergence with the euro area.